Emerging markets:beware of developed markets

El-erian and Michael spence wrote an article on whether emerging markets can continue their path of growth and came to the conclusion that they can provided that developed markets which are now facing trouble do not hold them back whether through protectionism (access to finance or thro’ trade in goods and services), or a restricted transfer of technology or knowledge

What they mean is whether globalisation wheel will be disrupted by sand,rocks thrown in its path by developed markets who think only of their own interests. That’s something similar to Great depression of 1930s.

However,there is a fact that is different from 1930s, emerging markets power is getting bigger and thus they have more tools at their disposal to make developed markets think thrice before resorting to beggar-thy-neighbour policies.